Search Results (124)

In today’s globalized and rapidly evolving technological landscape, innovation serves as a critical driver of economic growth and competitive advantage. The concept of an innovation ecosystem has emerged to elucidate the complex interactions among various stakeholders—including public sectors, startups, academia, businesses, NGOs, and venture capitalists—who collaborate and compete to foster technological advancements and economic growth. Open innovation emphasizes leveraging external ideas alongside internal efforts to enhance innovation capabilities, fostering more dynamic and resilient systems. Additionally, learning from innovation failures plays a crucial role in shaping effective strategies for growth, as startups often translate these learnings into robust innovation frameworks. Given the increasing complexity and interconnectedness of innovation ecosystems, traditional metrics often fail to capture their dynamic and collaborative nature. The European Innovation Scoreboard (EIS) provides a comprehensive framework for assessing the innovation performance of EU countries, offering insights into the overall health and performance of innovation ecosystems. This review article addresses the need to identify metrics and methods for measuring open innovation’s impact on innovation ecosystems. Building upon foundational theories and empirical findings, this study proposes a framework for evaluating the impact of open innovation on innovation ecosystems. It integrates insights from the academic literature with EIS metrics to develop robust methods for assessing open innovation’s multifaceted influence. This review article is particularly relevant as firms and policymakers strive to understand which metrics are most affected by open innovation and how these can be leveraged to enhance the performance and sustainability of innovation ecosystems. Full article

This study examines the impact of corporate venture capital (CVC) on the labor income share of science and innovation enterprises, focusing on data from China’s Science and Technology Innovation Board (STIB) and Growth Enterprise Market (GEM) between 2010 and 2022. Empirical results reveal a significant inverted U-shaped relationship between CVC shareholding and the labor income share of invested firms. CVC increases the labor income share by enhancing corporate governance, encouraging digital transformation, and improving human capital quality, but this effect diminishes when CVC shareholding exceeds a certain threshold. The moderating role of media attention and the heterogeneity of this relationship across regions and financial conditions are further explored. Additionally, the study identifies a positive U-shaped connection between CVC shareholding and the corporate pay gap, highlighting CVC’s complex role in influencing income inequality within firms. This research contributes to the literature by unveiling the nonlinear effects of CVC on income distribution, offering new insights into its dual role in promoting innovation and equity. Practically, it provides actionable recommendations for firms to optimize CVC ownership and for policymakers to design targeted interventions that address regional and financial disparities. By bridging the gap between CVC investment strategies and labor income fairness, this study lays the foundation for a balanced approach to sustainable economic development. Full article

Background: The global space economy has grown remarkably, witnessing a 10-fold increase in active satellites during the last 15 years. This growth was accompanied by both the increase in geopolitical tensions feeding huge investments (the New Space Race), on the one hand, and the transformation, shifting from a domain historically dominated by government-led programs to one partially energized by commercial players and innovative business models (“New Space”), on the other hand. Objective: To assess the space economy’s current state and future prospects by considering its economic and social dimensions. Methods: Over 120 scholarly articles and “grey” literature positions (e.g., industry reports) were reviewed. The review was structured by a modified Structure–Conduct–Performance framework originally developed by industrial organization (IO) scholars. Findings: Outer space creates extremely harsh conditions for placing and operating objects in orbits, which results in high launching costs, steep reliability standards, capital intensity, and risks that are unmatched in most terrestrial industries. One of the main motivations to venture into this harsh domain was, and still is, the desire to dominate or the fear of being subjugated by others. This “original sin”, born of geopolitical rivalries, continues to cast a shadow over the space economy, channeling the majority of public space budgets into military-related programs. Moreover, many space technologies have a dual-use feature. Not surprisingly, governments are still the major source of demand, dominating midstream in the space value chain. This triad—harsh physics, great power rivalry, and a state-centric midstream—produces a specificity of the sector. In the recent two decades, new entrants (called “New Space”) have begun altering market structure, resulting in new conduct patterns focused on pursuits towards serial production, reusability, and lowering costs. Performance outcomes are mixed. While some efficiency gains are unprecedented, some doubts about market power and negative externalities arise. The assessment of the space economy’s performance is a challenge, as such, due to the blurred boundary between political objectives (supplying public goods, mitigating negative externalities) and economic optimization. Such trade-offs are becoming even more complicated considering the potential conflict between national and global perspectives. The paper offers a preliminary, descriptive study of the space economy through the lens of the modified S-C-P framework, laying basic foundations for the future, possibly more rigorous research of the increasingly important space economy. Full article

Startups in the clean energy and environmental technology (CEET) sector can develop sustainable innovations, but mobilizing private finance has been difficult. As the venture capital (VC) investment model was found to be not well-suited for the CEET startups, diverse types of investors have received more attention. However, since previous studies have been dominated by a VC-centric perspective in the US and have overlooked collaborative relationships, the roles of various CEET investors have not been systematically analyzed. This study aims to analyze the diverse investors in the CEET investor network formed through co-investment syndication, using Japan as an underexplored regional context. Based on Japan’s comprehensive data from 2008 to 2022, this study examines the evolution, structure, and communities of the network. The analysis identified the development stages of the investor network: the formation stage (2008–2012), the expansion and diversification stage (2013–2017), and the stable growth stage (2018–2022). The results confirmed the strong influence of VCs, while a community analysis suggested the bridging role of governmental venture capital. The findings based on the CEET investor network contribute to expanding both the theoretical understanding and practical implications for overcoming the financing difficulties of CEET startups to address the climate change crisis. Full article

The question of what motivates entrepreneurs to maintain and grow their ventures beyond the startup phase remains an underexplored aspect of entrepreneurship research. Using data from the Global Entrepreneurship Monitor, GEM (2023), this study examines four key entrepreneurial motivations among 103 established Croatian entrepreneurs who are making a difference in the world, building great wealth or a very high income, continuing a family tradition, and earning a living. Employing a multivariate multiple regression approach, we analyze how sociodemographic factors, opportunity perception, fear of failure, media influences, and sustainability-oriented mindsets (e.g., UN SDG awareness) influence these diverse motivations. Findings reveal distinct motivational patterns: socially responsible mindsets and awareness of the SDGs primarily drive the aspiration to “make a difference”, while age, perceived opportunities, and fear of failure reinforce the pursuit of wealth. Media narratives uniquely influence the intent to “continue a family tradition”, while necessity-driven motives—linked to fear of failure and lower growth ambitions—predominate among those aiming simply to “earn a living”. By applying a systems thinking approach, this research illustrates how interdependent factors create distinct motivational clusters, and it highlights the importance of tailored policies and support programs for established entrepreneurs seeking sustainable growth. It contributes to the interdisciplinary discourse on entrepreneurship, offering insights for policymakers, educators, and advisors working to foster resilient and innovative entrepreneurial ecosystems. Full article

While previous studies have focused on either conventional or digital innovations individually, few have empirically compared the relative impact of these two types of innovation on firm sustainability. Furthermore, few earlier studies have applied a dynamic capabilities perspective and a technology acceptance model (TAM) to understand how innovation strategies affect long-term competitiveness, particularly when targeting venture firms. In this vein, the aim of this study is to identify the factors that play an important role in the sustainability of venture firms and, in particular, to demonstrate which factor has a more positive effect between conventional innovation and digital innovation, which has recently been considered to be crucial. In this study, ‘corporate sustainability’ refers to the ability of venture firms to secure long-term growth potential and operational and resource efficiency, and the ability to maintain a continuous competitive advantage, even in a rapidly changing market environment. This is especially related to the ability of firms to adapt to change, maintain performance, and create new opportunities through innovation using digital technology. Based on the secondary data jointly surveyed by the ‘Korean Ministry of Small- and Medium-sized Enterprises and Startups’ and the ‘Korea Venture Business Association (KOVA)’, a regression analysis of 3000 data collected in 2022 was conducted. According to the result, both conventional and digital innovations are vital factors, but we found that digital-business-model innovation had a stronger impact for venture firm sustainability. This result provides valuable implications for improving the competitiveness and maintaining the sustainability of venture firms. Full article

This study explores the marketing challenges perceived by aspiring entrepreneurs, focusing on undergraduate business students’ perspectives. Drawing on an empirical qualitative approach, this research utilizes data from semi-structured interviews with 31 students at a midwestern U.S. university to examine key barriers that hinder business development and growth. The research identifies five key themes: budget constraints, customer identification and engagement, branding and market differentiation, digital marketing barriers, and the role of education. The findings reveal that financial limitations and resource constraints hinder students’ ability to implement effective marketing strategies, while limited practical experience complicates customer engagement and market research efforts. Additionally, participants emphasized challenges in establishing distinct brand identities and adapting to rapidly evolving digital marketing tools. These insights align with existing entrepreneurial marketing theories, reinforcing the role of adaptability and resourcefulness in early-stage business ventures. Education emerged as both a strength and an area for improvement, with students valuing theoretical foundations but identifying gaps in hands-on, experiential learning opportunities. This study contributes to entrepreneurial marketing literature by highlighting the interplay between resource constraints, creativity, and adaptability in understanding marketing challenges. It further underscores the importance of integrating digital marketing competencies and alternative financing strategies, such as crowdfunding and fintech solutions, into entrepreneurship education. It also emphasizes the need for educational reforms that integrate practical applications, mentorship, and digital marketing training to prepare students for real-world entrepreneurial endeavors. By addressing these gaps, the findings offer actionable insights for educators, policymakers, and entrepreneurial support systems to better equip aspiring entrepreneurs for sustainable success. Full article

Entrepreneurship plays a crucial role in driving innovation, productivity, and economic growth, with universities emerging as key actors within entrepreneurial ecosystems. This study seeks to expand the understanding on the role of Latin American universities on entrepreneurial ecosystems by examining the case of alumni from Escuela Politécnica Nacional (EPN). Employing a mixed-methods approach, this research explores individual, organizational, and institutional dynamics within the Ecuadorian entrepreneurial ecosystem. Results indicate that universities like EPN nurture professional and technical capabilities but face institutional obstacles that restrict their capacity to foster knowledge-based, high-growth ventures. This study highlights several institutional-level barriers, including market dominance, limited access to formal financing, corruption, and complex regulations, that limit innovation. Thus, universities in the region play an important role in preparing potential entrepreneurs, yet their impact is ultimately restricted by contextual factors. To overcome these challenges, universities can strengthen their support by integrating entrepreneurship education, networking opportunities, early-stage venture experiences, and exposure to role models or success stories. Particularly in contexts like Ecuador, fostering self-efficacy, resilience, and opportunity recognition can boost entrepreneurial behavior. In addition, enhancing university–industry collaboration, encouraging business transparency, improving funding accessibility, and supporting knowledge-intensive businesses are essential steps to harness the full potential of universities in the entrepreneurial ecosystem. Full article

Using data from the Qingsike Private Equity Database, in this paper, we systematically examine how government policy-guiding funds impacted regional economic development in China from 2010 to 2021. An empirical analysis confirms that government-guided funds have a significant positive effect on regional economic growth, particularly in less affluent areas. Additionally, we found that the level of venture capital marketization and industrial structural upgrading mediate the relationship between policy-guiding funds and regional economic growth. These findings suggest that government policy-guiding funds foster regional economic advancement by enhancing market dynamism in the venture capital sector and optimizing industrial structures. A further analysis of moderating effects reveals that the effectiveness of policy-guiding funds is significantly influenced by government intervention and reginal marketization levels. In highly marketized regions, government-guided funds demonstrate a stronger economic stimulus effect. However, excessive government intervention can disrupt efficient market operations, thereby weakening the positive impact of the funds. These findings underscore the importance for policymakers to design and implement policy-guiding funds while carefully balancing the interplay between marketization and government intervention to achieve optimal outcomes. Full article

Womens’ entrepreneurial endeavours, particularly in rural areas, have led to establishing Small and Medium-sized Enterprises (SMEs) focused on tourism initiatives, significantly enhancing rural tourism experiences while promoting local culture. Co-creation, a concept extensively studied in the tourism industry, involves the collaborative generation of ideas in production and consumption driven by stakeholders with vested interests in specific products and services. Policy co-creation, in particular, has become a key driver in enhancing a country’s tourism competitiveness through a collaborative and inclusive development approach. Despite the extensive exploration of co-creation in tourism, the role of women entrepreneurs in this process remains underexamined. This study aims to address this gap by identifying and exploring co-creation initiatives that demonstrate how women entrepreneurs contribute to tourism policy and development. Using a qualitative research approach, it is based on thirty (30) semi-structured interviews with key tourism stakeholders, including policymakers, entrepreneurs, tourism professionals, and representatives from relevant organisations. Findings from the interviews underscore the central role of women entrepreneurs in the co-creation of tourism policies, particularly in rural areas. Their entrepreneurial contributions extend beyond economic growth, as they engage in shaping policies that support sustainable tourism and local development. Through their innovative approaches, women entrepreneurs regenerate traditional products by incorporating modern techniques, ensuring their offerings remain relevant and appealing to diverse visitor demographics and evolving market trends. This study further highlights that effective policy frameworks are crucial to enabling and amplifying women’s contributions to tourism development. Policies that support co-creation processes—such as inclusive decision making, funding accessibility, and capacity-building programs—play a transformative role in unlocking the potential of women entrepreneurs or encouraging more women to embark on an entrepreneurial venture within the tourism sector. Full article

Saudi Vision 2030, a strategic framework aimed at diversifying the economy and enhancing societal inclusivity, aligns with the UN’s Sustainable Development Goals (SDGs) by promoting gender equality and sustainable economic growth. Sustainability is central to fostering women’s entrepreneurship, as it drives social equity, economic diversification, and innovation, elements which are crucial to sustainable development. While the existing literature has primarily focused on women’s entrepreneurship in the Western world, limited attention has been given to its development in the Global South, particularly in Saudi Arabia. As a nation undergoing transformative social, cultural, and economic shifts, women entrepreneurs play a critical role in aligning entrepreneurial efforts with global sustainability goals. This research investigates the factors influencing Saudi women to become entrepreneurs, specifically examining the factors that inspire or hinder them from creating their own ventures. Drawing upon cognitive and social capital theories, which have proven their soundness in the existing literature, this research utilizes a dataset of 1715 women entrepreneurs analyzed through binomial logistic regression. The findings indicate that social desirability, relational capital, experience as angel investors, age, income, and education significantly increase the likelihood of women’s entrepreneurship. By contextualizing women’s entrepreneurship within Saudi Arabia’s evolving societal and economic landscape, this research highlights their potential as drivers of inclusive growth and sustainable economic empowerment. Furthermore, the research outlines strategies to enhance women’s entrepreneurial participation, contributing both to the entrepreneurship literature and the realization of Saudi Vision 2030. Full article

Innovative entrepreneurship has increasingly been acknowledged as one of the most vital drivers of economic development, job creation at high value, wealth creation, and business growth. This study analyzes the current status and evolution of research on innovative entrepreneurship and sustainability in the context of emerging economies, based on a bibliometric analysis of 132 articles indexed in the Web of Science database. The search was guided by relevant keywords, such as “innovative entrepreneurship*” and “sustainab*”. Systemic barriers limit the scalability of innovative ventures, especially in developing countries. Frugal and green innovations, digital technologies, and rural enterprises show promise but face challenges like resource constraints, ethical concerns, and policy gaps. Collaborative, equity-focused approaches are essential to ensure entrepreneurship drives sustainable and inclusive development. Further studies should expand the data source, increase the pool of articles, and develop cross-country comparisons to enhance global understanding. This may lead to a better understanding of innovative entrepreneurship and sustainability that can be used to create actionable strategies for development in various economic contexts. Full article

This study explores the motivations and constraints of Iranian women entrepreneurs within a restrictive socioeconomic and cultural landscape. It adopts a qualitative approach and utilizes semi-structured interviews to investigate the complex interplay between financial limitations, gender biases, and regulatory challenges entrepreneurs face. These findings underscore the importance of resilience, adaptability, and creativity for entrepreneurial success. Women entrepreneurs in Iran adopt incremental growth strategies, utilize digital platforms for market access, and cultivate informal networks to manage risks and scale their ventures. They also creatively integrate family responsibilities into their business models, highlighting the cultural shaping of their entrepreneurial activities. The concept of regulatory adaptation was introduced to illustrate how entrepreneurs restructure their operations to comply with stringent government regulations while sustaining growth. The emotional burden of navigating these hurdles is also evident, emphasizing the need for support mechanisms that address mental health and well-being. Policy implications are discussed, and enhancements in financial access, gender equality, digital entrepreneurship, and mental health support for women entrepreneurs are recommended. This study contributes to the entrepreneurship theory by understanding how sociocultural contexts influence women’s entrepreneurial activities and resilience strategies. Full article

This article delves into the landscape of the plant-based food industry, exploring innovative market entry strategies and their interplay with the evolving food market and shifting consumer preferences and lifestyles. Adopting a multidimensional approach, the study reflects diverse perspectives at play. Through a comparative analysis of strategic promotion and growth strategies employed by both innovative startups and established industry giants in the plant-based alternatives sector in Germany, the study aims to capture the challenges faced by the ‘newer’ wave of plant-based alternatives. This examination is particularly relevant for navigating the complexities of entering a competitive market. Striving to penetrate evolving consumer lifestyles, the study draws insightful comparisons with their “older” counterparts. In addition, through in-depth interviews with selected companies, the study investigates the entry methods of startups venturing into the German market, aiming to identify parallels and contrasts in market strategies with established brands. This provides valuable insights into innovation within the alternative food market. Furthermore, the study explores the process of brand “platformization” by scrutinizing the websites of the selected companies and analyzing customers’ online reviews of their brand experience. This comprehensive analysis unveils distinctive patterns in communication strategies, brand positioning, and consumer engagement, offering insights into the ways plant-based innovation shapes new, caring lifestyles. The main findings include a strong correlation among dimensions related to food quality, use, and taste, indicating a holistic approach to food consumption facilitated by online platforms. Full article

Tourism development has a significant contribution to the sustainable development of countries and regions through job creation, infrastructure development, cultural preservation, community empowerment, and revenue increase. Within this context, digitalization in the different facets of the tourism marketspace is a powerful tool that promotes competitiveness and economic growth, sustainability, innovation, and regional coherence. Digitalization also calls for the industry actors to have meaningful integration of novel technologies and practices in their operations and strategy. Despite the importance of digital technologies as a competitive antecedent for hospitality ventures, the extant research is mainly anchored on digital marketing and its associations with traditional mass tourism activity. Evidence on other facets of digitalization is far less appreciated, especially in the niche segment of the alternative tourism marketspace. Considering the above developments, our research aim is to assess the contribution of a digital business ecosystem, including a wide array of digital applications, to the competitiveness of the hospitality industry in Greece, with a focus on alternative tourism activities. Our research draws on data collected from a sample of local ventures to investigate the impact of digital technologies on tourists’ attraction and company growth. In the main, our findings record the positive impacts of digitalization, with internet-based technologies standing out as the most influential medium to boost growth and hotels’ sustainability. We contribute by showing that in cases where hospitality ventures remain digitally illiterate, they will most probably face severe competition losses. Full article